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PRG To Take Additional 3.55% Of Bendon Group

Auckland, 17 January 2002 -- Pacific Retail Group (NZSE:PRG) announced that it has today secured an option to purchase an additional 1,095,597 shares in Bendon Group Limited (approximately 3.55%) from AXA at $1.90 per share.

The option, which is not subject to a price escalation clause, expires on 31 January 2002.

When exercised and added to the 15.5% strategic stake PRG acquired yesterday it will leave the Company holding 19.05% of the Bendon shares on issue.

“Yesterday we paid a higher price for a larger and more important stake,” said PRG Director and Group Managing Director of Cullen Investments, Phil Newland. “While today’s parcel also commanded a premium, that is again justified through its strategic value. It brings us to a threshold we are comfortable with for the present.”

ENDS

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